Disagreements at Concensum

Another planned success story on the crypto market does not seem to meet investors\’\’\’\‘ expectations. Concensum, formerly Copytrack, is a company that prosecutes copyright infringements on images on the Internet.

Concensum\’\’\’\’s goal is to create a global, decentralized copyright register for digital content that authenticates users and links digital intellectual property, creating a unique ecosystem for rights owners and thereby supporting a new, efficient marketplace. A core function of the register is the reliable proof of authorship of photos.

In order to raise the necessary capital, Concensum PTE Ltd, formerly Copytrack PTE. Ltd., based in Singapore, conducted an ICO (Initial Coin Offering) from 10 December 2017 to 9 February 2018 and offered the company\’\’\’\’s own CPY token to interested investors. A so-called \“pre-sale\“ started on 10 December 2017 and the main public phase began on 10 January 2018.

The CPY token was advertised with a whitepaper describing the business model and the economic and financial framework of the ICO.

There have recently been doubts about the economic and financial framework conditions.

For example, the whitepaper presents a company history that is said to have started as early as 2015 and represents the company\’\’\’\’s most important successes. According to some investors who have in the meantime contacted the law firm CLLB, this is probably absolutely incorrect, since Concensum PTE Ldt., i.e. the company that issued the ICO, was only founded in October 2017.

Concensum\’\’\’\’s white paper also appears to list employees who were not working for the company or who were no longer working for the company at the time of the ICO.

According to various investors, it is even unclear whether Concensum PTE Ltd. had any other employees besides the managing director at the time of the ICO.

Against this background, ICO participants now doubt that Concensum actually has the business operations described in the whitepaper and can achieve the goals set out in the whitepaper.

In the whitepaper, the roadmap provides for the establishment of a foundation for the global copyright register, among other things. The capital generated by the ICO should be used as foundation capital for the establishment and thus secure the existence of the global copyright register for a specific purpose and independently.

However, Concensum is no longer talking about a foundation.

The token swap (exchange) of CPY tokens on the Etherium blockchain to CPY tokens on an in-house blockchain announced in the whitepaper is also a long time coming.

This swap was announced for the second quarter of 2018, but is now at the end of July 2018 and there is no information on a date for the conversion of the swap.

These inconsistencies are also reflected in the price development of the CPY token. The CPY token is currently a long way from the issue price of $ 1.14.

The current price is approx. $ 0.08. It is currently impossible to predict where Concensum and the CPY token will go and whether the price will ever recover.

Investors concerned should have their legal claims examined by a specialist lawyer for capital market law.

The Kanzlei CLLB supports concerned investors with the enforcement of their demands.